Goldman Sachs Set To Be Very First Wall Street Firm To Go Crypto

Lately, the adoption of cryptocurrencies has taken off like a rocket. It looks like 2018 will be the biggest year yet for mass adoption, as more and more companies continue to announce crypto-related plans for the new year.

We’ve seen Japan’s GMO Internet Group reveal their plan to pay thousands of employees in Bitcoin, Israel is looking at creating a “digital shekel” cryptocurrency, and California-based Digital Power Corporation announced it is launching a new business division solely dedicated to mining cryptocurrencies… Each and every day we learn of yet another organization utilizing the blockchain in some way. Today, it happens to be one of Wall Street’s largest firms: Goldman Sachs.

According to a Bloomberg report, Goldman Sachs Group Inc. plans to open up a trading desk dedicated to making markets in digital currencies. The bank aims to get the trading desk up and running by mid-2018, unnamed insiders revealed to Bloomberg this week. They are currently assembling a team to run the trading desk in New York. It’s said the firm is still working out the kinks regarding security issues and how they will hold the digital currencies.

Michael DuVally, a Goldman Sachs spokesman, said in a statement:

“In response to client interest in digital currencies, we are exploring how best to serve them.”

This is a pioneering move for the multinational financial company, positioning them to be the very first Wall Street firm to make markets in cryptocurrencies.

This could very well be a big win-win for both Goldman Sachs and digital currencies themselves.

The move will bring liquidity and depth to the cryptocurrency market, curtailing wild price swings and prompting price stability. As for Goldman Sachs, embracing digital currencies will surely bring in a lot of business and a new source of potentially huge profits, especially since they are the very first firm to make this bold move.

Should all go well, it’s likely that we can expect to see more large firms following in Goldman Sachs’ footsteps. When such a respected company within the banking industry announces they are getting involved in the crypto world, others are surely going to take note and be influenced to follow suit.

This is a massive leap in the quest for cryptocurrency to become more legitimate and gain mass adoption. It’s looking like 2018 is going to be a tremendous and prosperous year for the crypto world!

About Zoe Biehl

Zoë is a full-time writer and editor in the blockchain world. With a background in anthropology, Zoë is especially fascinated by how this groundbreaking technology is affecting societies around the world. Zoë also writes about the cannabis industry and drug policy. She currently lives in Tel Aviv, Israel.